Question

What is the desired benefit from revising an accounting standard, and some of the possible costs that could result from a revision of an accounting standard?

Answer 1

Answer:

The desired benefit from revising an accounting standard is augmented judgment effectiveness of the information provided, which, preferably, progresses the resource apportionment process.

Possible costs that could result from a revision of an accounting standard are new costs to those who are providing the information of collecting, handling, and circulating this information. There is probable cost to users of deducing the information. Lastly, there are likely costs of adverse economic significances of applying the accounting standards.